After the formation of North American Free Trade Agreement (NAFTA), Mexico became a more attractive country for business investments of foreign firms.

An economic model is

A) a generalization that summarizes all the normative assumptions we make about a particular issue. B) a description of some aspect of the economic world that includes only those features of the world that are needed for the purpose at hand. C) a statement that describes how the world should be. D) a collection of facts that describe the real world.

If the demand curve increases while the supply curve remains unchanged, the equilibrium price would decrease

a. True b. False Indicate whether the statement is true or false